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Policybazaar India (part of PB Fintech), which has offices in the UAE, is rapidly increasing its revenue share from its new line of business as it moves beyond being just a consumer-focused online insurance distribution platform.
The figure was up 137 percent from 1.54 billion rupees ($18.77 million) in the fourth quarter of last year. In the last quarter, PBFintech posted an overall operating income of Rs 8.69 billion, up 60% from Rs 5.4 billion in the same period a year earlier. Policybazaar’s new initiatives accounted for around 28% of total revenue, which now brings that to 42% within a year.
According to PB Fintech, Policybazaar’s new initiative business is doing well, with overall losses in the sector falling to Rs 360 crore in the last quarter from about Rs 90 crore in the fourth quarter of last year.
Three major lines
Policybazaar has launched three main businesses under the new initiative: PB Partners, PB Corporate and its operations in the Gulf region. The insurance center opened its first two lines of business after obtaining an insurance brokerage license from the Insurance Regulatory and Development Authority of India (IRDAI) in 2021.
Led by PB Partners, Policybazaar works with a network of physical agents. On the corporate side, it sells B2B insurance products and provides employer-employee insurance.
PBFintech said in a recent investor call following its fourth quarter earnings that about 34% of its non-auto business comes from its agency network, which covers about 15,000 cryptos in the country (India).
Policybazaar co-founder Yashish Dahiya noted on the conference call that operating margins in these businesses are now negative 1%, almost breaking even from a peak of negative 51%. In a recent statement, PBFintech said 4,000 companies had purchased employee insurance and about 25,000 companies had purchased some kind of insurance product. trade arab news agency
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